Ethereum News: Tom Lee Says BitMine Has No Reason to Sell ETH After $300M Gain

Ethereum sits at just under $2,500, up a modest 1% on the day. Tom Lee, the chairman of the biggest Ethereum treasury company, is back in the news. He told Bankless this week that BitMine will not sell Ethereum out of financial necessity.

As of today, staking rewards on the company’s ETH stack run close to $300 million a year, against just $30–35 million in annual dividend obligations on its 9.5% Series A perpetual preferred stock.

BitMine currently holds 5,846 million ETH, or 4.8% of the total supply, just 200,000 ETH shy of its 5% target.

*TOM LEE BOUGHT $80M ETHTom Lee’s Bitmine purchased ~$79.17M of ETH over the past week – their largest weekly purchase in over a month and a half.Bitmine currently holds $14.72B of ETH, representing ~4.85% of the total ETH supply. Bitmine’s average purchase price is ~$3,400.